On Sunday evening, lawmakers approved a series of tax increases, many of which will impact businesses, to fund the FY 2019 NJ budget ($37.4 billion) that was signed into law. Most notably, the budget deal comes with an increase in the corporate business tax, the inclusion of combined reporting and an increase in the income […]
Legislation allowing Jersey City to impose a 1 percent employer payroll tax would add yet another expense to businesses already facing a host of costly mandates in the highest taxed state in the nation, the New Jersey Business & Industry Association (NJBIA) said today. The Senate is scheduled today to vote on S-2581/A-4163, which would […]
New Jersey is entering a budget showdown for yet another year. And while the Legislature and Governor Murphy debate whether it will be a steep increase on the corporate business tax or a big hike on the income tax for millionaires that buoys the final FY2019 budget, we do know that New Jersey’s job creators […]
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NJ Spotlight reporter John Reitmeyer looks at the debate over how to increase economic growth rate as lawmakers start working on the first budget under Gov. Phil Murphy. “For Gov. Murphy, investments and tax hikes would deliver the revenue to fuel expansion, but members of his own party are adamantly opposed to higher taxes,” Reitmeyer […]